About your Search

20121006
20121014
Search Results 0 to 1 of about 2
in 1986 but are staring us in the face today. first, a much larger and much more dangerous deficit and second, a dramatic increase been income and inequality. old-style tax reform could make both conditions worse. but don't dismiss the old framework lightly. credit for the 1986 reform law belongs to democrats like bill bradley in the senate. just as much as to president reagan. as a member of the house back then, i not only voted for it, but i whipped the votes to make sure it passed. i was on the committee set up by dan rostenkowski to get it done. the approach made a good deal of sense at the time. then, as now, the code was littered with egregious loopholes that needed to be reformed. recall the so-called passive law schools that were in place back then. they allowed wealthy taxpayers to gain the system. someone could invest in a bowling alley and then, if the bowling alley lost money, they could take a write off many times larger than their initial money incestment of their entire income tax liability. we need to get rid of such a gimmicky tax shelter. paring these loopholes al
for 10% of the deficit spending increases. lower tax rates across the board and close loopholes. we have three bottom lines. do not raise the deficit, do not raise taxes on the middle class, do not lower the share that is borne by the high income earners. it has been discredited by six other studies and even their own deputy campaign manager acknowledged that it was not correct. >> let's talk about this. you have refused to offer specifics on how you would pay for that 20% across the board. do you actually have the specifics or are you still working on it? >> different than this administration, we want to have a big bipartisan agreement. >> do you have the specifics? >> look at what ronald reagan and tip o'neill did. we raise about $1.20 trillion through income taxes. we forgo about $1.10 trillion in loopholes and deductions. deny those loopholes and deductions to higher income tax payers. so we can lower tax rates across the board. >> i hope i am going to get time to respond. >> we want to work with congress on how best to achieve this. >> no specifics. >> lower tax rate 20%. start with
Search Results 0 to 1 of about 2